"One of the reasons the market continues to do better than people think—even in the face of bad reports that we're looking past because of the weather—is that the market is sensing there's something more going on in the economy," he said. "I still think we're going to have a growth rate of 3.5 percent this year, and that's what's being picked up by the market here."
The market could get concerned if there is a bad jobs report next week. The February jobs report is released Friday and follows two very soft reports. Fed Chair Janet Yellen has said the weather could be a factor, and the market is hyperfocused on the number because the Fed watches it.
In her testimony before Congress on Thursday, Yellen re-emphasized that the central bank has a high bar for altering its plans to taper its bond-buying.
(Read more: Yellen says cold weather may have impacted economy)
But not everyone is so optimistic that only weather is slowing the economy. Bond yields have moved lower on the idea that a string of weak data is not all about weather effect, particularly in housing.
Durable goods data was better than expected Thursday, with orders—excluding transportation—up 1.1 percent, the largest increase since May, after December's drop of 1.9 percent.
As stocks moved higher Thursday, Treasury yields moved lower, in part a reaction to events in Ukraine. The 10-year was yielding 2.64 percent late in the day, its lowest level since early February.
"What does the bond market know?" said Scott Redler of T3Live.com. "There's a slower economy coming? That's particularly good for bonds, so why is the stock market going up?"
He added, however, that there's a lot of liquidity and he expects the stock market to continue to rise.
(Read more: 'New Paranormal' and why black swans are circling)
"It has been five days of holding above 1,840, and now you have a close over 1,850," Redler said. "The door's open for 1,900, 1,925. We absorbed the news out of Russia. We absorbed the bad numbers. If weather starts to thaw and we get good numbers … that's when the market might extend."